Pearse Doherty (Donegal South West, Sinn Fein)
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Earlier I met with a number of individuals who had mortgages with IBRC. They are deeply concerned and quite angry about what is currently happening. One individual, who is a father of three children, has asked me to outline his situation to the committee. He has a split mortgage under a restructuring arrangement with IBRC that is reviewed on an annual basis. According to Mr. Wallace, that restructuring agreement will be enforced with the buyer but the agreement is reviewed annually. If IBRC rips the agreement up next year and demands the repayment of the full amount, this individual would have recourse to the Financial Ombudsman. However, the new owner of the mortgage will be able to legally review his contract and decide whatever action it considers appropriate. What would Mr. Wallace say to this individual about what will happen when the agreement is reviewed next year?